BRICS should enlist more developing countries: expert

With President Xi Jinping putting forward the concept of BRICS-Plus approach for involving other emerging markets and developing countries in the BRICS forum, the bloc should consider inviting the developing countries of the G20, with a mission to advocate global economic governance, according to a Chinese expert.

In a recent interview with the Sino-US.com, Cui Fan, an economics professor at University of International Business and Economics and a senior researcher at the Center for China and Globalization, a Chinese think tank dedicated to research on globalization of talents and corporations, said that the BRICS mechanism could be regarded as a typical international cooperative mechanism due to the fact that the bloc's members are nations which are global powers or regional powers and are expected to achieve faster economic growth than most other countries in the world.

In the 1960s, the developing countries made some achievements in promoting the development of international trade under the framework of the United Nations. And in the 1990s, the developing countries including China, India and Brazil succeeded in enlarging their say in the World Trade Organization, which led to the signing of some related agreements.

Under the current stage of global economic governance, the World Trade Organization and the G20 are the two major organizations that deal with the international economic and trade affairs, which highlights the great importance of the coordination mechanism among different nations, said Cui.

Because of the fact that most developing country-focused international organizations like the Conference of Non-Aligned Countries are too loose, the BRICS-Plus concept presents a future development direction, through which the BRICS member countries could enhance their international influence and improve coordination, according to Cui.

Cui also said that the BRICS-Plus concept could be a segmented mechanism, which should include big developing countries and should enlist other smaller developing countries as observers. Cui suggested that such smaller developing countries should be picked from the G20, saying that the BRICS should also consider holding dialogues with Australia and South Korea, also members of the G20. But the Chinese expert admitted that the inclusion of more countries into BRICS would add to difficulties in coordination.
With a mission to contribute to global economic governance, the BRICS must churn out concrete projects, whose implementation must be supported by a development bank, said Cui, adding that these efforts are aimed at enhancing the status of the developing countries in the global economic system.


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